Required Information [The following informotion opplies to the questions disployed below.] On Jonuory 1, 2024, the general ledger of ACME Fireworks includes the following occount bolances: During Jonuary 2024, the following transactions occur: dote. January 6 Purchase additional inventory on account, \$165, eeB. AcME uses the perpetual inventory systen. of the units sold is $82,8E9. January 23 Receive $127,200 fron customers on accounts receivable. January 25 Pay $128, ege to inventory supplicrs on accounts payable. January 28 Writc off accounts receivable as uncollcctible, $6,6E. on account. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salaries, \$53, 890. 4. Prepsre s multiple-step income statement for the period ended Jonuory 31,2024. [The following informotion opplies to the questions clisployed below.] On Jonuary 1, 2024, the general ledger of ACME Fireworks includes the following sccount bolsnces: During Jenuary 2024, the following trensactions occur. date. January 6 Purchase additional inventory cn account, \$165, eee. AcME uses the perpetual inventory system. of the units sold is $82, sea. January 23 Receive $127,200 from customers on accounts receivable. January 25 Pay $188, ege to inventory supplicrs on accounts payable. January 28 Writc off accounts reccivable as uncollcctible, $6,6E9. on sccount. The cost of the units sold is $88,5Re. January 31 Pay cash for nonthly salarics, $53,890. 5. Prepsre a clossified bolsnce sheet ss of Jonuary 31, 2024. (Enter the asset accounts In order of Ilquidity. Amounts to be deducted should be Indicated with a minus sign.) Required Information [The following informotion opplies to the questions disployed below.] On Jonuory 1, 2024, the general ledger of ACME Fireworks includes the following account bolances: During Jonuary 2024, the following trensactions occur: date. January 6 Purchase additional inventory on account, \$165, eeB. AcME uses the perpetual inventory systen. of the units sold is $82,8E9. January 23 Receive $127,200 fron customers on accounts receivable. January 25 Pay $183, eae to inventory supplicrs on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,6Ea. on account. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salarics, \$53,890. 6. Record closing entries. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Journal entry worksheet 2 Record the closing entry for revenue accounts. Note: Enter debits befare credits. Required Information [The following informotion opplies to the questions disployed below.] On Jonuary 1, 2024, the general ledger of ACME Fireworks includes the following occount bolances: During Jenuary 2024, the following trensoctions occur: date. January 6 Purchase additional inventory co account, \$165, eee. AcME uses the perpetual inventory systen. of the units sold is $82,880. January 23 Receive $127,208 from customers on accounts receivable. January 25 Pay $183, eae to inventory supplicrs on accounts payable. January 28 Write off accounts reccivable as uncollectible, $6,609. on account. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salarics, \$53, 890. 7. Anslyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the overoge current ratio for the industry is 1.80 , is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Colculate the acid-test ratio at the end of Jonuary. b-2. If the aversge acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty poying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes poysble were due on April 1, 2024, rather than April 1, 2025. Colculate the revised current ratio at the end of Jonuery. c. 2 . Indicate whether the revised ratio would increose, decresse, or remain unchenged. Complete this question by entering your answers in the tabs below. Required Information [The following informotion opplies to the questions disployed below.] On Jonuory 1, 2024, the general ledger of ACME Fireworks includes the following occount bolances: During Jonuary 2024, the following transactions occur: dote. January 6 Purchase additional inventory on account, \$165, eeB. AcME uses the perpetual inventory systen. of the units sold is $82,8E9. January 23 Receive $127,200 fron customers on accounts receivable. January 25 Pay $128, ege to inventory supplicrs on accounts payable. January 28 Writc off accounts receivable as uncollcctible, $6,6E. on account. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salaries, \$53, 890. 4. Prepsre s multiple-step income statement for the period ended Jonuory 31,2024. [The following informotion opplies to the questions clisployed below.] On Jonuary 1, 2024, the general ledger of ACME Fireworks includes the following sccount bolsnces: During Jenuary 2024, the following trensactions occur. date. January 6 Purchase additional inventory cn account, \$165, eee. AcME uses the perpetual inventory system. of the units sold is $82, sea. January 23 Receive $127,200 from customers on accounts receivable. January 25 Pay $188, ege to inventory supplicrs on accounts payable. January 28 Writc off accounts reccivable as uncollcctible, $6,6E9. on sccount. The cost of the units sold is $88,5Re. January 31 Pay cash for nonthly salarics, $53,890. 5. Prepsre a clossified bolsnce sheet ss of Jonuary 31, 2024. (Enter the asset accounts In order of Ilquidity. Amounts to be deducted should be Indicated with a minus sign.) Required Information [The following informotion opplies to the questions disployed below.] On Jonuory 1, 2024, the general ledger of ACME Fireworks includes the following account bolances: During Jonuary 2024, the following trensactions occur: date. January 6 Purchase additional inventory on account, \$165, eeB. AcME uses the perpetual inventory systen. of the units sold is $82,8E9. January 23 Receive $127,200 fron customers on accounts receivable. January 25 Pay $183, eae to inventory supplicrs on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,6Ea. on account. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salarics, \$53,890. 6. Record closing entries. (If no entry Is required for a transaction/event, select "No Journal Entry Required" In the first account field.) Journal entry worksheet 2 Record the closing entry for revenue accounts. Note: Enter debits befare credits. Required Information [The following informotion opplies to the questions disployed below.] On Jonuary 1, 2024, the general ledger of ACME Fireworks includes the following occount bolances: During Jenuary 2024, the following trensoctions occur: date. January 6 Purchase additional inventory co account, \$165, eee. AcME uses the perpetual inventory systen. of the units sold is $82,880. January 23 Receive $127,208 from customers on accounts receivable. January 25 Pay $183, eae to inventory supplicrs on accounts payable. January 28 Write off accounts reccivable as uncollectible, $6,609. on account. The cost of the units sold is $88,5ee. January 31 Pay cash for nonthly salarics, \$53, 890. 7. Anslyze the following for ACME Fireworks Requirement 1: a-1. Calculate the current ratio at the end of January. a-2. If the overoge current ratio for the industry is 1.80 , is ACME Fireworks more or less liquid than the industry average? Requirement 2: b-1. Colculate the acid-test ratio at the end of Jonuary. b-2. If the aversge acid-test ratio for the industry is 1.50, is ACME Fireworks more or less likely to have difficulty poying its currently maturing debts (compared to the industry average)? Requirement 3: c-1. Assume the notes poysble were due on April 1, 2024, rather than April 1, 2025. Colculate the revised current ratio at the end of Jonuery. c. 2 . Indicate whether the revised ratio would increose, decresse, or remain unchenged. Complete this question by entering your answers in the tabs below